Superannuation funds will have to comply with new reporting standards relating to investment exposure concentrations, asset allocation, financial instruments, investment performance and fees, from 1 July 2016.
In a letter to all registrable superannuation entities, Australian Prudential Regulation Authority (APRA) executive general manager for policy and advice, Sarah Goodman, revealed the new standards will only require reporting of indirect costs on the same basis as it is required to be disclosed publicly.
The revised superannuation reporting standards following a consultation process relating to draft standards released earlier this year and aim to clarify concerns surrounding:
"The revisions, where relevant, will be incorporated in D2A forms so that RSE licensees will be able to submit data based on these versions of the reporting standards when the requirements commence," Goodman said.
In a Senate submission, the Financial Services Council said super funds should be able to nudge members on engaging with their super and has cautioned against default placements.
The Joint Associations Working Group, which counts FSC in its ranks, has issued an urgent warning to the government.
Senator Jane Hume will join the speaker lineup at the inaugural Australian Wealth Management Summit.
New research from ART has found less than a third of women feel their superannuation is in a good position, reiterating the importance of opening up the advice arena to super funds.
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